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Rules Engines - Case Studies
1 – Product development for a leading software supplier
SelectX were chosen by Allfinanz, a leading provider of underwriting automation software, to develop an entire generic underwriting knowledge base to populate and power its underwriting engine – xpertBridge. The questions and knowledge base had to reflect modern market practices and be adaptable for use in all distribution channels (including direct to consumer) and for underpinning tele-interviews.
Between 2005 and 2007, SelectX’s technical input resulted in the development of market-leading solutions for Allfinanz, including a comprehensive knowledge base for automated underwriting of income protection, and a combination risk module allowing the engine to take account of complex risk dependencies.
The combination of Allfinanz software with SelectX rules ‘inside’ was widely recognised by the industry as a powerful combination; and the SelectX generic underwriting knowledge base was subsequently signed off by three reinsurers and customised by companies in the UK, Ireland, South Africa, Australia, Asia and the United States.
2 – Rules for a very distinctive and innovative proposition
SelectX were chosen by RAD Insurance Holdings in the United States to design with them an instant issue, point of sale (POS) prototype to support sales of life insurance cover to the underserved US middle market.
SelectX were closely involved in designing the product, underwriting philosophy, electronic application form and underwriting rules. The challenge was to develop a system which would enable POS policy issue in 20 – 30 minutes, without the need for any further evidence or back-office underwriting. The underwriting engine had to be able to accept and use information from external databases including the US Medical Information Bureau (MIB), motor vehicle records (MVRs) and prescription databases.
SelectX worked closely with the product development and pricing actuaries to develop a unique philosophy which allowed for 85 – 90% immediate acceptance; while ensuring that anti-selection was minimised and that risk was adequately priced.
A business model patent for the POS solution was filed in the US in 2008.
SelectX now provides expert underwriting support for all customisations of the POS solution.
“[SelectX] has particular expertise in electronic life insurance underwriting, which no other consulting firm has. They did a terrific job for RAD Insurance Holdings, Inc. in helping us develop underwriting questions and rules”.
Maria Thomson, CEO RAD Insurance Holdings, March 2008
If you want to develop an automated underwriting solution that really makes a difference to your business, and to work with the people who understand them the best, contact us.
